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India Grid Trust (INDIGRID) fair value: what the stock is really worth
As of Oct 1, 2026: fair value of India Grid Trust ₹74.50, price ₹170, upside -56.1%, quality 26 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
- Fair value above price? No
- Good quality? No
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Broad data
Sep 24, 2026
India Grid Trust
INDIGRID · BSEWeakest SetupStrongly overvalued and low quality.
!Fair value ₹74.50 · Strongly overvalued (−56.1%)
!Quality 26/100
!Expensive Growth (revenue 5y +23.2 %/yr)
✓Solidly profitable · 11.0% net margin (TTM)
!High debt · negative free cash flow
!9.5% dividend yield · Pays more than it earns
!Moderate moat 52/100
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What runs behind every stock
26
valuation models
8 families, DCF to NCAV
37
quality factors
margins, balance sheet, cashflow, debt
6
AI factors
moat, what no ratio measures
2,000+
data points
verified, per stock, median
69 individual criteria per stock, every one traceable See the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
60‑month range ₹79.85 – ₹179.91 · fair‑value band ₹46.65 – ₹93.12 · the ₹169.87 price screens above the ₹74.50 fair value. Dashed = 300-day average. As of Sep 24, 2026.
Company profile
India Grid Trust operates as an infrastructure investment trust that owns and operates power transmission and solar energy assets.
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India Grid Trust operates as an infrastructure investment trust that owns and operates power transmission and solar energy assets. Its asset portfolio consists of 46 transmission lines with a total circuit length of approximately 8,468 circuit kilometers, 13 substations with approximately 17,550 mega volt ampere transformation capacity, and 100 megawatt of solar power capacity in 19 states and 1 union territory in India. The company was founded in 2016 and is based in Mumbai, India.
Stock analysis
India Grid Trust (INDIGRID) currently trades at ₹169.87, while our model-based Fair Value estimate is ₹74.50, 56.1% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of ₹129.54 per share, and 1 of the 11 models we run sit above the ₹169.87 price.
Bear case: the Asset-Based group reads lowest at ₹42.71, and 10 of the 11 models stay below the price. Evidence for this calculation is high.
Scenario range: ₹46.65 (bear) to ₹93.12 (bull), the price of ₹169.87 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 26/100 (below-average quality), in the Utilities sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
India Grid Trust reported revenue of ₹47.7B in FY2026 versus ₹22.2B in FY2022, a compound +21.0%/yr. Reported net income was ₹3.9B in FY2026, compounding +3.1%/yr from FY2022.
Key figures
Market cap ₹162B (≈ $1.7B) · P/E ratio 27.2 · P/S ratio 2.25 · EPS (TTM) ₹6.25 · Dividend yield 9.5% · Net margin 8.3% · Return on equity 7.0% · Return on assets (EBIT) 6.6%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 38 out of 100 (medium confidence).
What moves the price
The share trades about 6% below its 52-week high and 9% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Utilities peers we cover trades at −32% fair-value upside, at −56%, INDIGRID screens richer than that median.
Fair Value models
Bear ₹46.65
Fair Value ₹74.50
Bull ₹93.12
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model.
Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.
Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Highest evidence
Residual Income
₹47.88
₹48.67
₹52.17
76
Growth-Adj P/E
₹90.67
₹129.54
₹168.40
67
Graham-Dodd
₹28.14
₹196.27
₹275.44
63
All 11 models by family
Earnings-Based
Graham-Dodd
₹28.14
₹196.27
₹275.44
63
Lynch FV
₹75.56
₹107.94
₹140.32
61
PEG = 1.0
₹75.56
₹107.94
₹140.32
57
Multiples
P/E Multiple
₹55.87
₹74.50
₹93.12
63
P/S Multiple
₹52.77
₹70.36
₹87.95
58
P/B Multiple
₹52.77
₹70.36
₹87.95
55
EV/EBIT
₹32.61
₹108.87
₹185.13
60
EV/EBITDA
₹46.48
₹127.36
₹208.25
62
Asset-Based
NCAV (Graham)
₹31.87
₹42.71
₹63.75
54
Economic Profit
Residual Income
₹47.88
₹48.67
₹52.17
76
Growth Earnings
Growth-Adj P/E
₹90.67
₹129.54
₹168.40
67
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Set up alert →Quality Score breakdown
Overall quality
26/100
Of which business quality 26 · Market factors (momentum, volatility) 63
Profitability
24
Margins and returns on capital today
Quality Growth
43
Are margins and returns improving?
Cashflow
50
Earnings quality: real cash, not paper profit
Fin. Strength
6
Balance sheet, leverage, solvency risk
Investment
32
Disciplined investing over empire-building
Low Volatility
100
Calm price path (market factor)
Momentum
45
Price trend over the last 3–12 months (market factor)
52W Momentum
52
Distance to the 52-week high (market factor)
Net Issuance
0
Share count: buybacks or dilution?
Revenue & earnings trend
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.
57/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+45.0%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+26.9%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+23.2%
Start year 2021 (pandemic)
Revenue growth 7 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+32.5%
’19
’20
’21
’22
’23
’24
’25
’26
What shareholders gained per year (last 5 years), in INR ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Measured in INR: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+5.9%
Earnings growth per share plus dividend.
Earnings per share, growth per year−3.6%
Dividend (yield on the price)9.5%
Profit margin 2021 to 2026 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.65% → 41%
Compare India Grid Trust with another stock
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Utilities - Independent Power Producers · 72 stocks
Beats the industry median on 5/13 measures
Overall it trails its industry peers.
Valuation Multiplesvs Utilities - Independent Power Producers median · lower = cheaper
Context: sector, industry, market
- Is the Utilities sector expensive or cheap?
- P/E, EV/EBITDA and margins by industry (reference tables)
- Undervalued stocks: Utilities
- Undervalued stocks: Indian Stocks
- Valuation of the India market
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
None of the checked exposures detected
Similar stocks
10 more Utilities - Independent Power Producers stocks, each showing price versus our Fair Value estimate.
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Constellation Energy Corporation CEG | $254.02 | $92.53 | −64% |
| Vistra Corp VST | $140.83 | $20.60 | −85% |
| Adani Power Limited ADANIPOWER | ₹202.75 | ₹75.57 | −63% |
| CGN Power Co 003816 | ¥4.19 | ¥2.18 | −48% |
| Gulf Development Public Company GULF | 59.25 THB | 65.18 THB | +10% |
| NRG Energy, Inc NRG | $96.93 | $74.44 | −23% |
| Adani Energy Solutions Limited ADANIENSOL | ₹1,339 | ₹335.95 | −75% |
| Huaneng Power International, Inc 600011 | ¥6.74 | ¥9.10 | +35% |
| Datang International Power Generation Co 601991 | ¥5.36 | ¥3.65 | −32% |
| China Resources Power Holdings 0836 | HK$18.99 | HK$36.45 | +92% |
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Frequently asked questions
Is India Grid Trust (INDIGRID) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of ₹74.50 versus a price of ₹169.87, about −56% upside (overvalued).
What is the fair value of INDIGRID?
Our model-based fair value for India Grid Trust is ₹74.50 (as of Sep 24, 2026), built from audited fundamentals. The current price: ₹169.87.
What is the quality score of INDIGRID?
India Grid Trust has a Quality Score of 26/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for India Grid Trust (INDIGRID)?
Our model-based price target is the fair value of ₹74.50 (as of Sep 24, 2026) from 11 valuation models. Cautious scenario ₹46.65, optimistic scenario ₹93.12. It is a calculation from audited fundamentals, not an analyst target.
What is the India Grid Trust stock forecast for 2026?
Our models put fair value at ₹74.50, about −56% upside versus a price of ₹169.87 (overvalued). Cautious scenario ₹46.65, optimistic scenario ₹93.12. The calculation is refreshed regularly with new filings.
What is the revenue of India Grid Trust (INDIGRID)?
India Grid Trust reported trailing-twelve-month revenue of about ₹51.3B (latest available figure, as of Sep 24, 2026).
Does India Grid Trust pay a dividend?
India Grid Trust currently shows a dividend yield of about 9.49% relative to its recent price (as of Sep 24, 2026).
What is the intrinsic value of India Grid Trust (INDIGRID)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For India Grid Trust it is ₹74.50 per share (as of Sep 24, 2026), against a price of ₹169.87. It is the blended result of 11 valuation models (cash flow, earnings, asset, dividend).
Is India Grid Trust stock overvalued or undervalued in 2026?
As of Sep 24, 2026, INDIGRID trades above its calculated fair value: price ₹169.87, fair value ₹74.50, a gap of about −56% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of INDIGRID?
No. The price is what the market pays today (₹169.87); the fair value is what the company's own numbers justify (₹74.50). For India Grid Trust the two are ₹95.37 per share apart. That gap is exactly why we show both numbers side by side.
How much is India Grid Trust worth?
The market values India Grid Trust at about ₹162B (market capitalisation, as of Sep 24, 2026). Per share that is ₹169.87; our models calculate a fair value of ₹74.50 per share.
What do the bullish and bearish scenarios say about INDIGRID?
Our models span a range for India Grid Trust: cautious scenario ₹46.65, base ₹74.50, optimistic ₹93.12 per share (as of Sep 24, 2026, price ₹169.87). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of INDIGRID?
India Grid Trust trades at a price-to-earnings ratio of 27.2 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ₹74.50 is built from several models across several years. Other multiples: P/B 2.8, P/S 3.3, EV/EBITDA 10.5.
How solid is the balance sheet of India Grid Trust (INDIGRID)?
Balance-sheet figures for India Grid Trust (as of Sep 24, 2026): return on equity 7.0%, debt of 3.09 per unit of equity. They feed the Quality Score of 26/100, which measures business quality independently of the share price.
How far is INDIGRID from its 52-week high?
India Grid Trust trades at ₹169.87, about 6% below its 52-week high of ₹179.91 and 9% above the low of ₹155.31 (as of Oct 1, 2026). Distance from the high says nothing about value: that is what the fair value of ₹74.50 is for.
Which stocks are comparable to India Grid Trust?
From the same area (Utilities) we also value Constellation Energy Corporation, Vistra Corp, Adani Power Limited, CGN Power Co, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is India Grid Trust stock attractive at the current price?
The data as of Sep 24, 2026: price ₹169.87, calculated fair value ₹74.50 (−56%), Quality Score 26/100, from 11 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of INDIGRID calculated?
We run India Grid Trust through 11 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of ₹74.50, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.5 % above its aggregate fair value. India Grid Trust itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of India Grid Trust (INDIGRID)?
The closing price on Oct 1, 2026 was ₹169.87. Our model-based fair value is ₹74.50, about −56% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with India Grid Trust right now?
The price sits above even our optimistic bull case (₹93.12). The favourable scenario is already priced in. Weak quality (26/100) and above fair value at the same time, the margin of safety is missing on both counts. A fairly wide model range (₹46.65 to ₹93.12) leaves room in how you read the outcome.
Key figures of India Grid Trust
How large is the market capitalisation of India Grid Trust (INDIGRID)?
The market capitalisation of India Grid Trust is ₹162B (≈ $1.7B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of India Grid Trust (INDIGRID)?
The price-to-sales ratio of India Grid Trust is 2.25 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of India Grid Trust (INDIGRID)?
Earnings per share at India Grid Trust are ₹6.25 (price ÷ EPS = P/E 27.2). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of India Grid Trust (INDIGRID)?
The dividend yield of India Grid Trust is 9.5%. Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of India Grid Trust (INDIGRID)?
The net margin of India Grid Trust is 8.3% (fiscal year 2026). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of India Grid Trust (INDIGRID)?
The return on equity (ROE) of India Grid Trust is 7.0% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of India Grid Trust (INDIGRID)?
On an EBIT basis the return on assets of India Grid Trust is 6.6% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of India Grid Trust (INDIGRID)?
The operating margin of India Grid Trust is 56.7% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at India Grid Trust (INDIGRID)?
Revenue at India Grid Trust is growing +28.8% versus a year earlier (3y avg +26.9%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at India Grid Trust (INDIGRID)?
Earnings per share at India Grid Trust are growing +194% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does India Grid Trust (INDIGRID) generate?
The free cash flow of India Grid Trust is −₹5.3B (fiscal year 2026). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does India Grid Trust (INDIGRID) carry?
The net debt of India Grid Trust is ₹212B (fiscal year 2026). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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